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[Ses.1854-'5S. 


ABIL 


CONCERNING    Jl 


RAILROAD  FROM  BEAUFORT 


*0 


FAYETTEVILLE,  &C. 


RALEIGH  : 

W.  HOLDEN,  PRINTER  TO  THE  STAT1. 
1854 


[Introduced  by  Mr.  Humphrey. — Read  first  time, 
and  ordered  to  be  printed.     December  8,  1854.] 


A  BILL 


TO  INCORPORATE  A  COMPANY  TO  CON 
STRUCT  A  RAIL  ROAD  FROM  SOME  POINT 
ON  THE  WATERS  OF  BEAUFORT  HARBOR, 
(TO  BE  HEREAFTER  DETERMINED,)  TO  THE 
TOWN  OF  FAYETTEVILLE,  THROUGH  THE 
COUNTIES  OF  CARTERET,  ONSLOW,  DUPLIN. 
SAMPSON,  AND  CUMBERLAND. 

Sec.  1.  Be  it  enacted  by  the  General  Assembly  of 

2  the  State  of  North  Carolina,  and  it  is  hereby  enacted 

3  by  the  authority  of  the  same,  That  for  the  purpose  of 

4  establishing  a  communication  byrailroad  from  the  most 

5  eligible  point  on  the  waters  of  Beaufort  harbor,  in  the 
0  county  of  Cartaret,  with  the  town  of  Fayetteville,  the 

7  formation  of  a  company  with  a  capital  of  fifteen  Iran- 

8  dred  thousand  dollars,  is  hereby  authorised,  to  be 

9  caled  the  "  Central  Railroad  Company"  and  when 

10  formed  in  compliance  with  the  conditions  hereinafter 

11  prescribed,  to  have  a  body  politic  in  perpetuity. 

Sec.  2.  Be  it  further  enacted,  That  the  said  com- 

2  pany  be,  and  the  same  is  hereby  authorised  to  con- 

3  struct  a  railroad,  from   such  point  on  the  waters  of 

4  Beaufort  harbor,  (to  be  determined  by  said  company 

5  after  the  same  shall  have  been  formed,)  to  the  town  of 

6  Fayette ville,  through  the  counties  of  Onslow,  Duplin, 

7  Sampson  and  Cumberland,   the  route   to   be  deter- 

8  mined  by  the  said  company. 

Sec.  3.  Be  it  further  enacted,  That  for  the  purpose 

2  of  creating  the  capital  stock  of  said  company,  it  shall 

3  be  lawful  to  open  books  in  the  county  of  Onslow,  iin- 


c^ 


25S 


4  der  the  direction  of  J.  II.  Foy,  John  A.  Averett,  Jr., 

5  Owen  Huggins,  E.  W.  Fonville,  G.  J.  "Ward,  Robert 

6  White  and  L.  W.  Hnmplirey.  In  the  county  of  Car- 
%  tarett,  nnder  the  direction  of  M.  F.  Arrendell,  J.  F. 
S  Bell,  Levi  T.  Oglesby,  Bridge  Arrendell,  Levi  Ogles- 

-\9  by,   H.  L.   Bell,  and  William  IS".   Davis.      In   the 

10  comity  of  Duplin,  under  the  direction  of  Owen  R. 

11  Kenan,  David  Reid,  Isaac  B.  Kelly,  William  E.  Hill, 

12  William  J.  Houston,  and  Stephen  Graham.     In  the 

13  county  of  Sampson,  under  the  direction  of  Thomas  I. 

14  Faison,  Thomas  Bunting,  William  McKoy,  Patrick 

15  Murphy,  William  Faison,  J.  R.  Beaman,    and  Alfred 
J  6  Johnson.     In  the  county  of  Cumberland,  under  the 

17  direction  of  George  McNeill,  Thomas  R.  Underwood, 
IS  D.  G.  McRae,  Randall  McDaniel,  Jesse  G.  Shepherd. 

19  Edward  L.  Winston,  and  John  C.  Blacker,   and  at 

20  such  other  places,  and  under  the  direction  of  such 

21  other  persons   as  a  majority  of  the    commissioners 
SJ2  named  for  the  county  of  Onslow  may  deem  proper. 

23  for  the  purpose  of  receiving  subscriptions  to  an  amount 

24  not  exceeding  fifteen  hundred   thousand  dollars,  in 

25  shares  of  one  hundred  dollars  each. 

Sec.  4.  Be  it  further  enacted,  That  the  Commission- 

2  ers  above-named,  and  all  other  persons  who  may  here- 

3  after  be  authorised  as  aforesaid  to  open  books  for  sub- 

4  scriptions,  shall  open  the  same  at  any  time  after  the 

5  ratification  of  this  Act,  first  giving  twenty  days'  no- 
0  tice  thereof,  of  the  time  and  place,  in  one  or  more  of 

7  the  newspapers  printed  in  Fayetteville  and  Beaufort, 
S  and  the  said  books  when  opened  shall  be  kept  open 
9  for  the  space  of  sixty  days  at  least,  and  as  long  there- 
to after   as  the   Commissioners  first  above-named  shall 

11  direct,  and  the  said  first-named  Commissioners  shall 

12  have  power  to  call  on  and  require  all  persons  empow- 

18  ered  to  receive  subscriptions  of  stock,  at  any  time,  and 


259 

14  from  time  to  time,  as  a  majority  of  them  may  think 

15  proper,  to  make  returns  of  the  subscriptions  of  stock 

16  by  them  respectively  received. 

Sec.  5.  Be  it  further  enacted,  That  whenever  the 

2  sum  of  one  hundred  thousand  dollars  shall  be  subscri* 

3  bed,  in  manner  and  form  aforesaid,  the  subscribers, 

4  their  executors,  administrators  or  assigns,  shall  be  and 

5  they  are  hereby  declared  incorporated  into  a  Compa- 
<}  ny,  by  the  name  and  style  of  the  "  Central  Railroad 

7  Company,"  and  by  that  name  shall  be  capable  in  law 

8  and   equity  of  purchasing,   holding,  selling,  leasing 

9  and  conveying  estates,  real,  personal  and  mixed,  and 

10  of  acquiring  the  same  by  gift  or  devise,  so  far  as  shall 

11  be  necessary  for  the  purpose    embraced  within  the 

12  scope,  object  and  intent  of  their   Charter,   and  no 

13  farther :  And  shall  have  perpetual  succession,  and  by 

14  their  corporate  name  may  sue  and  be  sued,  plead  and 

15  be  impleaded,  in  any  Court  of  law  and  equity  in  this 

16  State ;  may  have  and  use  a  common  seal,  which  they 

17  may  alter  and  renew  at  pleasure  ;  and  shall  have  and 

18  enjoy  all  other  rights  and  immunities  which  other  cor- 

19  porate  bodies  may  and   of  right   do   exercise ;  and 

20  make  all  such  by-laws,  rules  and  regulations  as  are 

21  necessary  for  the  government  of  the  corporation,  or 

22  effecting  the  object  for  which  it  was  created,  not  in- 

23  consistent  with  the  constitution  and  laws  of  this  State. 

Sec.  6.   Be   it  further  enacted,  That  it  shall  be  the 

2  duty  of  the  Commissioners  named  in  this  Act  for  re- 

3  ceiving  subscriptions  in  Onslow,  or  a  majority  of  them, 

4  as  soon  as  the  sum  of  one  hundred  thousand  dollars 

5  shall  have  been  subscribed  in  manner  aforesaid,  to 
♦;  give  public  notice  thereof,  and  at  the  same  time  call 

7  a  general  meeting  of  the  stockholders,  giving  at  least 

8  thirty  days'  notice  of  the  time  and  place  of  meeting ; 


260 


8  at  which  meeting  a  majority  of  the  stockholders,  be- 
10  ing  represented  in  person  or  by  proxy,  shall  proceed 
1. 1  to  elect  a  President  and  Treasurer  and  nine  Directors, 

1 2  out  of  the  number  of  stockholders  ;  and  the  said  Di- 

13  rectors  shall  have  power  to  perform  all  the  duties  ne- 

14  cessaryfor  the  government  of  the  corporation  and  the 

15  transaction  of  the  business.     And  the  persons  elected 

16  as  aforesaid  shall  serve  such  period,  not  exceeding  one 

1 7  year,    as  the  stockholders   may   direct ;  and  at  that 

18  meeting  the   stockholders   shall  fix   on  the  day   and 

19  place  or  places  where  the  subsequent  election  of  Pre- 

20  sident  and  Treasurer  and  Directors  shall  be  held,  and 

21  such  election  shall  thenceforth  be  annually  made  ;  but 

22  if  the  day  of  the  annual  election  of  officers  shall,  tm- 
2p3  der  any  circumstances,  pass  without  an  election,  the 

24  corporation   shall  not  thereby  be  dissolved,  but  the 

25  officers  formerly  elected  shall  continue  in  office  until 
20  a  new  election  takes  place. 

Sec.  7.  Be  it  further  enacted,  That  the  election  of 

2  officers  aforesaid  shall  be  by  ballot,  each  stockholder  ha- 

3  ving  as  many  votes  as  he  has  shares  in  the  stock  of 
-t  the  company,  and  the  person  having  the  greatest  num- 
5  ber  of  votes  polled  shall  be  considered  duly  elected 
H  to  the  office  for   which  he  is  nominated ;  and  at  all 

7  elections  and  upon  all  votes  taken  at  any  meeting  of 

8  the  stockholders,  upon  any  by-law  or  any  of  the  offi  • 

9  cers  of  the  company,  each  share  of  stock  shall  be  en- 

10  titled  to  one  vote,  to  be  represented  either  in  person 

1 1  or  by   proxy ;  and  proxies   may  be   verified  in  such 

1 2  manner  as  the  by-laws  of  the  company  prescribe. 

Sec.  8.  Be  it  furtJier  enacted,  That  the  Board  of 

2  Directors  may  fill  any  vacancies  which  may  occur  in 

3  it  during  the  period  for  which  they  have  been  elected, 

4  and  in  the  absence  of  the  President  may  appoint  a 

5  President  pro  tempore  to  fill  his  place. 


.—*-*— — 


261 


Sec.  9.  Be  it  further  enacted,  That  the   Board  of 

2  Directors  may  call  for  tlie  sums  subscribed  as  stock  in 

3  said  company  in  such  instalments  as  the  interest  of 

4  said  company  may,  in  their  opinion,  require  :  the  call 

5  for  each  payment  shall  be  published  in  one  or  more 
*>  newspapers  of  the  State,  for  one  month  before  the  day 
T  of  payment,  and  on  failure  of  any  stockholder  to  pay 

8  each  instalment  as  thus  required,  the  Directors  may 

9  sell  at  public  auction,  on  a  previous  notice  often  days, 

10  for  cash,  all  the  stock  subscribed  for  in  said  company 

11  by  such  stockholders,  and  convey  the  same  to  the  pur- 

12  chaser  at  said  sale ;  and  if  the  said  sale  of  stock  do 
18  not  produce  a  sum  sufficient  to  pay  off  the  incidental 
1-i  expenses  of  the  sale  and  the  entire  amount  owing  by 

15  such   stockholder  to  the  company  for   such  subscript 

16  tions  of  stock,  then  and  in  that  case  the  whole  of  such 

17  balance  shall  be  held  as  due  at  once  to  the  company, 

18  and  may  be  recovered  of  such  stockholder,  or  his  ex- 

19  ecutors,  administrators  or  assigns,  at  the  suit  of  said 

20  company,  either  by  summary  motion  in  any  Court  of 

21  superior  jurisdiction  in  the    county  where  the  delin- 

22  quent  resides,  on  previous  notice  of  ten  days  to  said 
38  subscribers,  or  by  the  action  of  assumpsit  in  any  Court 

24  of  competent  jurisdiction,    or  by   warrant  before    a 

25  justice  of  peace,  where  the  sum  does  not  exceed  one 
"2C>  hundred  dollars ;  and  in  all  cases   of  assignment  of 

27  stock  before  the  whole   amount  has  been  paid  to  the 

28  company,   then  for  all  sums  clue  on   such  stock,  both 

29  the  original  subscribers  and  the   first  and   all  subse- 

30  quent  assignees   shall  be  liable   to  the  company,  and 

31  the  same  may  be  recovered  as  above-described. 

Sec.  10.  Be  it  further  enacted,  That  the  debt  of  the 
3  Stockholders  due  to  the  company  for  stock  therein, 
3  either  as  original  proprietors  or  as  first  or  subsequent 
4-  assignee,  shall  be  considered  as  of  equal  dignity  with 


1  judgments  in  the  distribution  of  assets  of  a  deceased 
y  stockholder  by  bis  legal  representative. 

Sec.  11.  Be  it  further  enacted,  That  the  said  com- 

2  pany  shall  issue  certificates  of  stock  to  its  members, 

3  and  said  stock  may  be  transferred  in  such  manner  and 

4  form  as  may  be  directed  by  the  by-laws  of  the  com- 

5  pany. 

Sec  12.  Me  it  f wilier  enacted,  That  the  said  com- 

2  pany  may  at  any  time  increase  its  capital  stock  to  a 

3  sum  sufficient  to   complete  said  road,  not  exceeding 

4  the  additional  sum  of  five  hundred  thousand  dollars, 
§  by  opening  books  for  the  subscription  of  new  stock, 

6  or  borrowing  money  on  the  credit   of  the   company. 

7  and  on  the   mortgage  of  its  charter  and  works ;  and 

5  the  manner  in  which  the  same  shall  be  done  in  either 
2  case  shall  be  prescribed  by  the  stockholders., 

Sec.  13.  Be  it  further  enacted,  That  the  said  com- 

2  pany  shall  have  power  of  usim>g  any  section  of  the  said 

3  road   constructed  by  them  before  the  whole  of  saicll 

4  road  shall  be  completed,  and  may  charge  for  transport 

1  tation  thereon. 

Sec.  14.  Be  it  further  enacted,  That  all  contracts  or 

2  agreements  authenticated  by  the   President  and  Se~ 

3  cretary  of  the  Board,  shall  be  bindmg  on  the  company, 

4  with  or  without  a  seal.     Such  a  mode  of  authentic^- 
$  tion  shall  be  used  as  the    company,  by  their  by-law, 

5  may  adopt. 

Sec  15.  Be  it  further  enacted,  That  the  said  com- 
2  pany  may  purchase,  have  and  hold  in  fee  or  for  a  terns 
i  of  years  any  lands,  tenements,  or  hereditaments  which 
4  may  be  necessary  for  the  said  road,  or  for  the  erection 


263 

5  of  depositories,   store-houses,  houses  for  the  officers, 

6  servants  or  agents  of  the  company,  or  for  work-shops 

7  or  foundries  to  be  used  by  the  company,  or  for  pro- 
S  curing  stone  or  other  materials  necessary  to  the  con- 
9  struction  of  the  road,  or  effecting  transportation. 

Sec.  16.  Be  it  further  enacted,  That  the  company 

2  shall  have  the  right,  when  necessary,  to  construct  the 

3  said  railroad  across  any  public  road,  or  along  the  side 

4  of  any  public  road:  Provided,  that  the  said  company 

5  shall  not  obstruct  any  public  road  without  first  con- 

6  structing  one  equally  as  good  and  as  convenient  as 

7  the  one  taken  by  said  Company. 

Sec.  17.  Be  it  further  enacted,   That  when  any 

2  lands  or  right  of  way  may  be  required  by  the  said 

3  company  for  the  purpose  of  constructing  then  road, 

4  building  warehouses,  water  stations,  workshops  or  de- 

5  positories,  and  for  want  of  agreement  as  to  the  value 

6  thereof,  or  from  any  other  cause,  the  same  cannot  be 

7  purchased  from  the  owner  or  owners,  the  same  may 

8  be  taken  at  a  valuation  to  be  made  by  a  jury  of  good 
0  and  lawful  men,  to  be  summoned  by  the  Sheriff  of 

10  the  county  in  which  the  land  required  by  the  com- 

11  pany  may  lie,  and  in  making  the  said  valuation,  the 

12  said  jury  shall  take  into  consideration  the  loss  or  dam- 

1 3  age  which  may  accrue  to  the  owner  or  owners  in  con- 

14  sequence  of  the  land  or  right  of  way  being  surren- 

15  dered,  and  the  benefit  and  advantage  he,  she,  or  they 

16  may  receive  from  the  erection  of  the  said  road,  &c., 

17  and  shall  state  particularly  the  value  and  amount  of 

18  each,  and  the  excess  of  loss  or  damage  over  and  above 
10  the  advantages  and  benefits  shall  form  the  measure  of 
20  valuation   of  said  land  or  right  of  way :  Prodded, 

22  nevertheless,  That  if  any  person  or  persons  over  whose 

23  land  the  said  road  may  pass,  or  the  company,  should 


264 


24  be  dissatisfied  with  the  valuation  thus  made,  then. 

25  and  in  that  case,  either  party  may  have  an  appeal  to 
"M  the  court  of  the  county,  to  be  held  thereafter ;  and 

27  the  sheriff  shall  return  to  the  said  court  the  verdict  of 

28  the  jury,  with  all  their  proceedings  thereon,  and  the 

29  lands  or  rights  of  way  so  valued  by  the  jury  shall  vest 
?>0  in  the  said  company  so  long  as  the  same  shall  be  used 
8f  for  the  purpose  of  said  railroad,  so  soon  as  the  valua- 
82  tion  may  be  paid,  or  if  refused,  paid  over  to  the  Clerk 

33  of  the  County  Court :  Provided,  That   the   right  of 

34  condemnation  shall  not  authorise  the  said  company  to 
86  invade  the  dwelling-house  yard,  garden  or  grave-yard 
06  of  any  individual  without  his  consent. 

Sec.  18.  Be  it  further  enacted,  That  the  right  of 

2  said  company  to  condemn  land  in  the   manner  dc- 

3  scribed  in  the  above  section,  shall  extend  to  the  con- 

4  demnation  only  of  one  hundred  feet  on  each  side  of 

5  the  main  track  of  the  road,  measuring  from  the  oen- 

6  tre  of  the  same,  unless  in  case  of  deep  cuts  and  filling, 

7  when  said  company  shall  have  power  to  condemn  as 

8  much  in  addition  thereto  as  may  be  necessary  for  the 

9  purpose  of  constructing  said  road  ;  and  the  company 

1 0  in  like  manner  shall  have  power  to  condemn  any  ap- 

11  propriate  lands  for  the  constructing  and  building  of 

12  depots,  shops,  &c,  not  exceeding  ten  acres  in  one  lot 
lo  or  station. 

Sec.  19.  Be  it  further  enacted,  That  the  said  coni- 

2  pany  shall  have  the  exclusive  right  of  conveyance  or 

3  transportation  of  persons,    goods,  merchandise,  pro- 

4  duce  and  minerals  over  said  road,  at  such  charges  as 

5  may  be  fixed  on  by  a  majority  of  the  Directors. 

Sec.  20.  Be  it  further  enacted,  That  the  profits  of 
2  the  company,  or  so  much  thereof  as  the  Board  of  Pi- 


265 


3  rectors  may  deem  advisable,  shall,  when  the  affairs  of 

4  the  company  will  permit,  be  annually  or  semi-annually 

5  divided  among  the  stockholders,  in  proportion  to  the 

6  stock  each  may  own. 

Sec.  21.  Be  it  further  enacted,  *That  notice  of  pro- 

2  cess   upon   the  President   or   any  of  the   Directors 

3  thereof,  shall  be  deemed  and  taken  to  be  due  and  law- 

4  ful  notice  of  service  of  process  upon  the  company. 

Sec.  22.   Be  it  further   enacted,  That  said   Com- 

2  pany  shall  have  power  to  construct  branches  to  said 

3  road,  or  to  connect  with  any  other  railroad  that  may 

4  be  constructed,  and  any  contract  that  may  be  entered 

5  into  with  any  other  railroad   company  by  the  Presi- 

6  dent  and  Directors  of  said  Company,  after  the  con- 

7  sent  of  a  majority  of  the  stockholders  first  obtained, 

8  shall  be  binding  on  the  said  Company. 

Sec.  23.  Be  it  further  enacted,  That  it  may  and 

2  shall  be  lawful  for  the  said  "  Central  Railroad  Com- 

3  pany"  to  make  and  issue  bonds  to  an  amount  not 

4  exceeding  four  hundred  thousand  dollars,  to  be  signed 

5  by   the  President  of  said  Company,  under  the  com- 

6  mon  seal  of  the  same,  in  sums  of  one  thousand  dollars 

7  each,   bearing  interest  at  the  rate  of  seven  per  cent. 
S  per  annum,  to  be   paid  semi-annually,  in  the  city  of 

9  New  York  or  Boston,  at  their   option,  and  redeema- 
10  ble  in  the  year  18S0. 

Sec.  24.  Be  it  further  enacted,  That  to  secure  the 
2  faithful  payment  of  the  said  bonds,  it  may  and  shall 

8  be   lawful  for  the   President   and  Directors  of  the 

4  "  Central  Railroad  Company"   to  make,  execute  and 

5  deliver  to   such  persons  either  in  the  city  of  New 

6  York  or  Boston,  as  the  said  Company  may  select  and 


266 


7  appoint,  a  deed  of  trust  or  mortgage,  under  the  com- 

8  mon  seal  of  said  Company,  wlierein  shall  be  conveyed 

9  to   the    person   thus   appointed   Trustee,     the  road, 

10  property,  income  and  franchises  of  said  Company, 

11  acquired  or  to  be  acquired,  conditioned   for  the  pay- 

12  ment   of  the   interest   and  final   redemption  of  said 

13  bonds. 

Sec.  25.  Be  it  further  enacted,  That  all  the  officer* 

2  of  the  Company,  and  servants  and  persons  in  the 

3  actual  employment  of  the  Company,  be,  and  they  are 

4  hereby  exempt  from  performing  ordinary  militia  du- 
ff ty,  working  on  public  roads  and  serving  as  jurors. 

Sec.  26.  Be  it  further  enacted,  That  all  the  work 

2  hereby   required   shall  be    executed   with   due  dili- 

3  gence  ;  and  if  it  be  not  commenced  within  four  years 

4  after  the  ratification  of  this  act,  then  this  charter  shall 

5  be  void. 

Sec.  27.  Be  it  farther  enacted,  That  it  shall  and  may 

2  be  lawful  for  any  incorporated  town,  or  any  county 

3  through  which  said  railroad  may  pass,  to  subscribe  for 

4  such  amount  of  stock  in   said  company   as   they  or 

5  either  of  them  shall  be  authorised  to  do  by  the  inhab- 
G  itants  of  said  town,  or  the  citizens  of  such  county  hi 
7  manner  and  form  as  hereinafter  provided. 

Sec.  28.  Be  it  further  enacted,  That  the   corporate 

2  authorities  of  such  town,  or  the  justice  of  the  peace 

3  of  such  county,  (a  majority  of  the  justices  of  the  said 

4  county  concurring,)  are  authorised  to  make  an  order. 

5  requiring  the  constable  of  such  town  and  the  sheriff 
G  of  such  county,  at  such  time  and  on  such  notice  as 
7  they  shall  direct,  to  open  a  poll  and  take  the  sense  of 
S  the  voters  of  such  town  qualified  to  vote  for  town  offi» 


267 


0  cers,  and  of  the  voters  of  such  count)*  qualified  to  vote 
10  for  members  of  the  House  of  Commons  of  the  Gen- 
ii era!  Assembly,  whether  the  officers  of  said  town  and 

12  the  justice  of  the  peace  of  said  county,  shall  subscribe 

13  to  the  stock  of  said  company,  for  such  sum  as  the  order 

14  shall  propose,  and  the  constable  shall  make  return  of 

15  the  number  voting  for  and  against  it  to  the  magistrate 

16  of  police  of  said  town,  or  the  presiding  officer  thereof; 

17  and  the  sheriff  in  like  manner  shall  make  return  as 

18  to  the  vote  in  his  county,  to  the  first  court  thereafter 

19  to  be  held  for  said  county,  and.it  shall  be  the  duty  of 

20  the   sheriff  to  notify  such  justice  of  his   county  to 

21  attend  at  the  court  to  which  he  shall  make  said  return. 

Sec.  29.  Be  it  further  enacted.  That  if  upon  the 

2  return  of  such   constable,  or  of  such  sheriff,   it  shall 

3  appear  that  a  majority  of  votes  are  in  favor  of  the 
4-  subscription,  then  the  corporate  authorities  of  such 
5  town  shall  make  the   subscription  for  such  town,  and 

0  in  Eke  manner,  if  a  majority  of  the  votes  of  such 

7  county  shall  be  in  favor  of  the  subscription,  then  the 

8  justices  of  said  county  shall  appoint  an  agent  to  make 

9  the  .  subscription  in  behalf  of  said  county,  the  sub- 

10  scriptions  to  be  paid  for  in  the  bonds  of  such  town, 

11  or  in  cash  as  the  authorities  may  elect,  and  the  agent 

12  shall  pay  the  county  subscription  in  like  manner,  or 

13  on  such  terms  as  may  be  agreed  upon  by  the  parties 

1 4  with  whom  he  may  negotiate. 

Sec.  30.  Be  it  further  enacted,  That  for  the  purpose 

2  of  paying  the  quotas   on  said  stock  as  they  may  be 

3  called  for,  or  the  instalments  on  such  subscriptions  as 

1  may  fall  due,  the  town  authorities  on  their  part,  and 
5'  the  justices  of  the  county  for  themselves,  shall  have 

7  power  to  appoint  an  agent  or  agents,  to  negotiate  a 

8  loan  or  loans,  for  and  in  the  name  of  such  town  aiul 


26S 


9  for  sucli  county,  and  it  shall  be  the  duty  of  the  author- 
10  ities  of  such  town  and  the  justices  of  such  county. 
.11  to  levy  such  tax  or  taxes  annually,  on  the  persons, 

13  lands  and  other  property  within  such  town,  and  within 

14  such  county,  as  may  be  sufficient  to  pay  their  respec- 

15  tive  quotas  or  instalments  as  they  may  become  due, 

16  or  the  interest  on  such  loan  or  loans  with  the  interest. 

17  thereon,  as  said  town  authoi ities  and  justices  of  such 

18  county  shall  deem  necessary,  and  to  make  all  such 

19  order  or  orders  for  the  due  collection  and  payment  of 

20  the  same ;  and  the  stock  thus  subscribed,  either  by  the 

21  the  town  or  by  the  county,  shall  stand  pledged  for  the 

22  payment  of  the  loan  thus  authorised  to  be  contracted 

23  on  their  parts  respectively. 

Sec.  31.  Be  it  further  enacted,  That  whenever  it 

2  shall  appear  to  the  Board  of  Internal  Improvements 

3  of  this  State  by  a   certificate,  under  the  seal  of  said 

4  Company,   signed  by  their  Treasurer,   and  counter- 

5  signed  by  their  President,   that   one-third  has   been 

6  subscribed  for  and  taken,  and  that  at  least  one-fifth 

7  of  said  stock  has  been  actually  paid  into  the  hands 

8  of  the  Treasurer  of  said  Company,  or  secured  to  be 

9  paid  in,  the   said  Board  of   Internal  Improvement 

10  shall  be,   and  they  are  hereby  authorized   and  re- 

11  quired  to  subscribe  in  behalf  of  the  State  for  stock  in 

12  said  Company,  to  the  amount  of  one  million  of  dol- 

13  lars,  to  the  capital  stock  of  said  Company,  and  the 

14  subscriptions  shall  be  paid  in  the  following  manner, 

15  to  wit :  The  one-fifth  part  as  soon  as  the  said  Compa- 

16  ny  shall  commence  work,  and  one-fifth  thereof  every 

17  six  months  thereafter,  until  the  whole  subscription  in 

18  behalf  of  the  State   shall  be   paid  :  Provided,   the 

19  Treasurer  and  President  of  said  Company  shall,  Le- 

20  fore  they  receive  the  aforesaid  enstalments,  satisfac- 

21  torily  assure   the  Board  of  Internal  Improvements, 

22  by  the  certificate,  under  the  seal  of  said  Company, 


269 


23  that  an  amount  of  th'e  private  subscriptions  has  boon 

24  paid  in  equal  proportion  to  the  stock  subscribed  by 

25  the  State. 

Sec.  32.  Be  it  further  enacted.  That  if  in  case  the 

2  present  Legislature  shall  not  provide  the   necessary 

3  and  ample  means  to  pay  the  aforesaid  instalments  on 

4  the  stock  subscribed  for  on  behalf  of  the  State,  a* 

5  provided  for  in  the  31st  section  of  this  act,  and  in  that 
0  event  the  Board  of  Internal  Improvement  aforesaid, 
T  shall,  and  they  are  hereby  authorised  and  empowered 

8  to  borrow  on  the  credit  of  the  State,  not  exceeding 

9  one  million  of  dollars,  as  the  same  may  be  needed  by 
10  the  requirements  of  this  act. 

Sec.  33.  Be  it  further  enacted,  That  if  in  case  it 

2  shall  become  necessary  to  borrow  the  money  by  this 

3  act  authorised,  the   Public  Treasurer  shall  issue  the 

4  necessary  certificates,  signed  by  himself,  and  counter- 

5  signed  by  the  Comptroller,  in  sums  not  less  than  five 

6  hundred  dollars  each,  pledging  the  State  for  the  pay- 

7  ment  of  the   sum  therein  mentioned,  with  interest 

8  thereon,  at  the  rate  of  interest,  not  exceeding  six  per 

9  cent,  per  annum,  payable  semi-annually,  at  such  time 

10  and  place  as  the  Treasurer  may  appoint ;  the  princi- 

11  pal  of  which  certificates  shall  be  redeemable  at  the 

12  end  of  thirty  years  from  the  time  the  same  are  issued. 

Sec.  34.  Be  it  further  enacted,   That  the   Conip- 

2  troller  shall  register  the  said  certificates  at  large,  in  a, 

3  book  to  be  by  him  kept  for  that  purpose  ;  at  the  time 

4  he  countersigns  the  same,  and  when  he  delivers  the 

5  same  to  the  public  treasurer,  he  shall  charge  him  in 

6  his  books  with  the  amount  thereof,  and  also  with  all 

7  such  sums,  if  any,  as  the  public  treasurer  may  obtain 

8  by  way  of  premium  on  the  sale  of  said  certificates, 

9  an  account  of  which  the  public  treasurer  shall  render 

10  to  the  Comptroller  so  soon  as  negotiations,  from  time 

11  to  time,  for  the  sale  of  said  certificates,  are  closed. 


270 


Sec.  35.  Be  it  further  enacted,  That  if  it  shall  be- 
il  come  necessary  to  issue  the  certificates  aforesaid,  the 

3  public  treasurer  shall  advertise  as  he  is  authorised  and 

4  directed  by  the  40th  section  of  act  entitled  "  an  act 

5  to  incorporate   the   North  Carolina  ■  Railroad   Com*. 

6  pany,"  passed  at  the  session  of  1848-49,  for  such 

7  amount  of  the  aforesaid  sum  of  one  million  of  dollars 

8  as  may  be  wanted  at  any  one  time. 

Sec.  36.  Be  it  further  enacted,  That  as  security  for 

2  the  redemption  of  said  certificates  of  debt,  the  public 
8  faith  of  the  State  of  North  Carolina,  is  hereby  pledged 

4  to  the  holders  thereof,  and  in  addition  thereto,   all 

5  the  stock  held  by  the  State  in  the  "  Central  Railroad 

6  Company''  hereby  created,  shall  be,  and  the  same  is 

7  hereby  pledged  for  that  purpose,  and  any  dividends 

8  of  profit  which  may  from  time  to  time  be  declared 

9  on  the  stock  held  by  the  State  as  aforesaid,  shall  be 

10  applied  to  the  payment  of  the  interest  accruing  on 

11  said  certificates ;  but  until  such  dividends  of  profit 

12  may  be  declared,  it  shall  be  the  duty  of  the  public 

13  Treasurer,  and  he  is  hereby  authorized  and  directed 

14  to  pay  all  such  interest  as  the  same  may  accrue  out 

15  of  any  monies  in  the  Treasury,  not  otherwise  appro- 

16  priated. 

Sec.  37.  Be  it  further  enacted,  That  the  said  certi- 
"2  ficates  of  debt  hereby  authorized  to  be  paid,  shall  be 

3  transferable   in  the   manner  as  the   certificates    of 

4  ':The  North  Carolina  Railroad   Company,"   certifi- 

5  cates  of  the  like    description  are  made  transferable 

6  by  the  41st  sction  of  an  Act  entitled,  "  An  Act  to 

7  incorporate  the  North  Carolina  Railroad  Company/" 

8  passed  in  the  year  1848-49. 

Sec  38.  Be  it  further  enacted,  That  this  Act  shall 

2  be  in  force,  from  and  after  its  ratification,   and  shall 

3  be  considered  as  a  public  Act, 


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